It’s simple really. A Loan Modification is a permanent change in one or more of the terms of a mortgagor's loan, allows the loan to be reinstated, and results in a payment the mortgagor can afford. Basically, the attorney will negotiate with your lender to reduce your monthly payment.
Why would your lender agree to do that? Banks do not want to foreclose. Foreclosure is a long, painful and costly process for both you and the bank. Banks would much rather see a solution that keeps you in your house, and paying a mortgage you can afford!
Loan modification is very dynamic and the eligibility requirements are changing frequently. Every homeowner has the freedom to have a lawyer try to negotiate with their lender to lower their mortgage obligations. Our attorneys will NOT charge you a fee unless they are successful in negotiating a reduction in your mortgage obligations!
President Obama recently pledged $75 billion to help homeowners by subsidizing their payments. That means the banks are more willing to modify mortgages to affordable levels. That’s great for anyone who is behind, upside down, or just faces a very high mortgage payment every month!
“Zip Loan Modification helped us save our first house! Now we’re comfortable this won’t happen again.” -- The Chambers Family